Market Ahead: All you need to know before the Opening Bell on Friday

The US Federal Reserve's decision to scale back the projected rate hikes this year to zero will today be a key factor for investors in the domestic equity market apart from stock-specific action, movement of rupee against the US dollar, oil prices, and FII inflows.

The US Federal Reserve brought its three-year drive to tighten monetary policy to an abrupt end, abandoning projections for any interest rate hikes this year amid signs of an economic slowdown.

Moreover, the European Union and Britain agreed to delay the Brexit for a short while. The Brexit will be delayed until May 22 if British MPs approve withdrawal deal next week, and April 12 if they do not.

After a seven-day rally, the domestic equity market ended on a flat note on Wednesday. The S&P BSE Sensex added 23 points or 0.06 per cent to settle at 38,387 while NSE's Nifty50 index closed at 11,521, down 11 points or 0.10 per cent. 

Additionally, Foreign Institutional Investors (FIIs) bought shares worth Rs 1,771.61 crore in the Indian equity market on Wednesday, according to NSE data.

TRADE SET-UP

Asian shares advanced on Friday after upbeat data and optimism in the tech sector lifted Wall Street stocks. MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.25 per cent while Japan’s Nikkei gained 0.3 per cent.

On Wall Street, the S&P 500 gained 1.09 percent while the Nasdaq Composite rallied 1.42 percent, with the Philadelphia SE Semiconductor Index soaring 3.5 percent.

On the commodity front, oil prices on Friday hovered close to 2019 peaks reached the previous day, propped up by supply cuts led by producer club OPEC and by US sanctions against Iran and Venezuela.

STOCKS IN FOCUS

Mindtree: The company's board will meet again on March 26. No decision was taken on proposed share buyback in March 20 meeting, the firm said.

SpiceJet: According to reports, the government has offered SpiceJet to take control of grounded Jet Airways aircraft

Jet Airways: Qatar Airways, contrary to what a media report said, has denied it is in discussion to invest in Jet Airways.

Power Finance Corporation: CCEA has given final approval for the sale of entire government stake in REC to PFC.

Tata Steel: Tata Steel will likely offer parts of its European packaging activities in a bid to seek regulatory approval for a planned joint venture with Germany's Thyssenkrupp, as per a Reuters report.

Infosys: Firm signs 3-year tech partnership with Roland Garros

Adani Transmission: Firm approves buyback of NCDs worth Rs 1,000 crore

Hudco: Hudco set to raise Rs 3500 crore debt from global investors